Carlyle Group Inc. Sells 3,260,568 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Carlyle Group Inc. trimmed its position in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 28.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,260,183 shares of the company’s stock after selling 3,260,568 shares during the quarter. QuidelOrtho accounts for approximately 39.5% of Carlyle Group Inc.’s investment portfolio, making the stock its biggest position. Carlyle Group Inc. owned 0.12% of QuidelOrtho worth $376,664,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of QDEL. Rubric Capital Management LP grew its stake in QuidelOrtho by 51.9% during the 2nd quarter. Rubric Capital Management LP now owns 3,645,590 shares of the company’s stock worth $121,106,000 after purchasing an additional 1,245,590 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new position in shares of QuidelOrtho in the 3rd quarter valued at approximately $19,565,000. Maverick Capital Ltd. raised its position in QuidelOrtho by 27.5% during the 2nd quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company’s stock worth $57,434,000 after buying an additional 372,662 shares during the last quarter. Thompson Siegel & Walmsley LLC acquired a new stake in shares of QuidelOrtho in the 2nd quarter worth $8,896,000. Finally, Assenagon Asset Management S.A. purchased a new position in QuidelOrtho during the third quarter worth about $7,411,000. 99.00% of the stock is owned by institutional investors and hedge funds.

QuidelOrtho Price Performance

QDEL stock opened at $36.80 on Wednesday. The stock has a 50-day moving average price of $41.77 and a two-hundred day moving average price of $40.39. The company has a market cap of $2.48 billion, a PE ratio of -1.38 and a beta of 0.12. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68. QuidelOrtho Co. has a 12-month low of $29.74 and a 12-month high of $75.86.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.55. QuidelOrtho had a negative net margin of 66.25% and a positive return on equity of 4.24%. The company had revenue of $727.00 million during the quarter, compared to the consensus estimate of $642.16 million. During the same period in the previous year, the firm earned $0.90 earnings per share. QuidelOrtho’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, research analysts predict that QuidelOrtho Co. will post 1.72 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on QDEL. Royal Bank of Canada reissued an “outperform” rating and set a $61.00 target price on shares of QuidelOrtho in a research note on Friday, August 16th. Craig Hallum raised shares of QuidelOrtho from a “hold” rating to a “buy” rating and increased their target price for the company from $40.00 to $57.00 in a report on Thursday, September 5th. Finally, UBS Group initiated coverage on QuidelOrtho in a research note on Thursday, September 19th. They issued a “neutral” rating and a $50.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $58.83.

About QuidelOrtho

QuidelOrtho Corporation provides diagnostic testing solutions. The company operates through Labs, Transfusion Medicine, Point-of-Care, and Molecular Diagnostics business units. The Labs business unit provides clinical chemistry laboratory instruments and tests that measure target chemicals in bodily fluids for the evaluation of health and the clinical management of patients; immunoassay laboratory instruments and tests, which measure proteins as they act as antigens in the spread of disease, antibodies in the immune response spurred by disease, or markers of proper organ function and health; testing products to detect and monitor disease progression across a spectrum of therapeutic areas; and specialized diagnostic solutions.